Warsaw (Puls Biznesu) – It remains secret whether fairs planned in MTK in February will take place. Shares of its owner fell yesterday in London by 23 percent.
Tragic events which took place in the area of Miedzynarodowe Targi Katowickie (MTK) disturbed its owner. After Sunday’s tragedy, in which over 60 people got killed and 140 injured, yesterday, on the London Stock Exchange shares of Expomedia Group dived 23 percent. Expomedia Group owns Expocentres Eastern Europe, which has a 51 percent stake in MTK. What with the upcoming events in Katowice, including furniture fairs Mebelexpo (February 23rd-26th) or kitchen equipment fairs Kuchnia? Yesterday, it was impossible to receive reply from MTK.
The prosecutor and construction authorities were questioning the members of the board of MTK. The company’s employees said only that the companies which plan to take part in upcoming events in MTK, are waiting for news. After the biggest of MTK’s halls collapsed, there may be problem with finding a replacement. The following events planned include Foodtarg (March 10th-12th), tourist fair Glob (March 31st-April 2nd) and Flowertarg (April 20th-23rd).
MTK has not revealed 2005 financial results. In 2004, the company had its first loss in its 12-year-long history. The loss amounted to PLN 1.2m. In 2001, it had PLN 2.8m (EUR 0,731m) of net income. After Expocentres Eastern Europe acquired MTK at the end of 2001, it turned out that the company had taken credits. In May 2002, Roger Shoshoua representing the foreign investor said that the company was in trouble. Does it have problems now?
“I will ask the board and answer you”, the spokesman promised but failed to do that.
“If MTK has poor financial condition, the present situation may lead to its bankruptcy. But I don’t expect people to give up organizing fairs in Slask”, Andrzej Stanislaw Barczak from the Academy of Economy in Katowice said.
(PLN 1 = EUR 0.261)